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Covid policy harms luxury group Richemont

The spread of the coronavirus in China slowed sales of luxury group Richemont in the quarter to end-December. The Swiss company’s sales climbed five percent in local currencies to €5.4 billion from October to December, Richemont reported on Wednesday. Analysts had expected sales of around €5.7 billion. Christmas is not really celebrated in China; however, it has an economic significance as a consumer festival.

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